Dave,
This is the only way I've done my swim baits. I have no idea how you can controll the fade of paint, I just paint the pieces. I've never been real concerned if paint matches perfectly. I put screw eyes in all the holes prior to primer, paint, and clear coat. The screw eyes back out real easy. That is also how I hold each piece on the drying wheel. It may take a couple of baits to get the hang of it. Hope that helps.